Amid a decline in the share market, several Indian companies are losing their wealth by massive amounts. Eight of the top-10 most valued firms together lost Rs 1,65,180.04 crore from market valuation last week. Even India's largest government bank, SBI, lost Rs 34984 crore in four days (Monday to Thursday) after it shares fell by 4.62 per cent. It was among the hardest-hit companies in line with a weak trend in equities. The market valuation of SBI eroded by Rs 34,984.51 crore to Rs 7,17,584.07 crore. Its share price closed at Rs 805.95 on November 14.
Last week, the BSE benchmark Sensex fell by 1,906.01, or 2.39 per cent. Equity markets were closed on Friday for Guru Nanak Jayanti. Mukesh Ambani's Reliance Industries market cap declined by Rs 22,057.77 crore to Rs 17,15,498.91 crore.
The Ambani-led company remained the most valued domestic firm, followed by TCS, HDFC Bank, ICICI Bank, Bharti Airtel, Infosys, State Bank of India, ITC, LIC and Hindustan Unilever. Recently, SBI hiked the marginal cost of fund-based lending rate (MCLR) for three tenors by 5 basis points From November 15.
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As per the revised rates, the bank’s three-month MCLR has increased from 8.50% to 8.55%, the six-month MCLR from 8.85% to 8.90%, and the one-year MCLR from 8.95% to 9%. This is the third such increase in MCLR in the last three months. It will make loans and equated monthly instalments (EMIs) costlier for its customers.
(With inputs from PTI)
